MoneyLion Plus personal loans review

17 December 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias.
But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Related Products

Improve your finances and borrow a $500 loan at 5.99% APR.

MoneyLion is a new kind of fintech lender that’s changing the way people borrow and spend money.

It recently started offering a membership program that helps you improve your finances, invest and get access to personal loans with competitive rates. While it might be inexpensive, it’s much more involved than your typical short-term loan.

What makes MoneyLion Plus loans unique?

MoneyLion Plus loans are only one part of becoming a MoneyLion Plus member. Membership comes with access to a wide range of other financial services, including a personalized investment portfolio, credit score updates and 0% APR cash advances.

Plus membership costs $29 a month, in addition to a mimimim monthly deposit of $50 into your investment account. But you can earn your membership fee back — MoneyLion offers to deposit $1 into your investment account each day you log into its app.

What is a MoneyLion Plus loan?

A MoneyLion Plus loan is a credit builder loan. Credit builder loans are a type of low-interest, small-dollar personal loan that you can spend on anything. However, they’re primarily meant to improve your credit rating by establishing a history of on-time repayments.

It works the same way for all borrowers: Request a loan through the MoneyLion app and receive $500 at 5.99% APR with a year to pay it back. There are no prepayment penalties, so if you repay your loan within a month, you’d only pay $1.15 in interest and fees.

What are the benefits of MoneyLion Plus loans?

Funding in seconds. There’s no need to fill out an application when you’re already a member. And MoneyLion can deposit your loan directly into your checking account.

No credit check. This means two things: You don’t need good credit to qualify and it won’t temporarily hurt your credit rating.

No application after membership. You never have to apply for a MoneyLion Plus loan after you become a member.

Chance to improve your credit. These low-cost, small-dollar loans are meant to help you increase your credit score. MoneyLion claims that more than two-thirds of members improved their credit score by 20 points after 30 days.

Competitive rates. All members in good standing get the same 5.99% APR.

Compare up to 4 providers

What do customers say about MoneyLion Plus?

Since MoneyLion Plus is a new service, there isn’t a lot out there in terms of customer reviews. But the company itself has a mixed online reputation as of December 2018.

It earns a B- from the Better Business Bureau based on the fact that it has over 85 customer complaints filed against it. However, customers give it an average of 4 out of 5 stars based on 33 reviews. And Trustpilot reviewers give it an average of 8.8 out of 10 — slightly lower than other lenders.

Some customers had trouble using the MoneyLion app, while others claimed they actually ended up in more debt after taking out a loan. But many said MoneyLion had really helped them save.

MoneyLion settles lawsuit with Virginia's attorney general

In February 2018, MoneyLion settled a lawsuit with Virginia’s attorney general. The attorney general argued that MoneyLion falsely claimed it was licensed to lend in Virginia and charged interest rates higher than the state cap of 12%.

As part of the settlement, MoneyLion refunded over $2.35 million in interest charges to over 2,600 customers in addition to other refunds and fines.

Am I eligible for a MoneyLion Plus loan?

To be eligible for a MoneyLion Plus loan, you must be a Plus member in good standing. Here’s what you need to join:

A job with direct deposit. Your employer must deposit your income directly into your checking account.

A checking account with a positive balance. You can’t become a member if your account is currently in overdraft.

The proven ability to repay. MoneyLion considers how much money you have available each month to make sure you’re able to afford monthly repayments.

Verifiable identity. You need to provide your Social Security number or taxpayer ID to become a member.

Residence in an eligible state. MoneyLion Plus loans aren’t available in seven states.

MoneyLion Plus isn’t available to residents of:

Indiana

Iowa

Montana

Nebraska

Nevada

Vermont

Washington

How do I apply?

Before you can get a MoneyLion Plus loan, you must first become a Plus member. Follow these steps to sign up.

Steps to apply with application screenshots

Once you’ve set up your account and MoneyLion verifies your bank information, you can apply for a MoneyLion Plus loan through the app. The money can be deposited in your MoneyLion checking account in a matter of seconds.

I got a MoneyLion Plus loan. Now what?

Once you have your MoneyLion Plus loan, you have up to a year to pay it back. But since MoneyLion doesn’t charge prepayment penalties, you might want to consider paying it back early to save on interest.

If you have any questions about repaying your loan, you can reach out to customer service by filling out an online form or calling 888-659-8244.

Bottom line

A MoneyLion Plus loan is ideal if you’re interested in improving your financial health and think you might need a fast short-term loan in the future. But it’s not the best option if you’re just looking for a quick small-dollar loan — becoming a member involves a lot more than just filling out an application.

Frequently asked questions about MoneyLion personal loans

It’s possible. MoneyLion might reject you if you’re behind on your membership fee or are already paying back a loan. It also might reject you if it thinks you don’t have enough money to afford monthly repayments.

MoneyLion Plus members and any friend they refer to become a Plus member get a $10 bonus each. And for every three friends, you have the chance to win a referral bonus of $5, $100 or even $2,000.

You can refer friends by sending them a referral code, which they can use to sign up.

No, MoneyLion and LionLoans are two separate companies. LionLoans is a short-term loan company that offers online payday loans from $100 to $1,000. MoneyLion is a financial services company that offers loans designed to help improve your credit.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

2 Responses

MikeAugust 6, 2018

I HAD Maybe 2 loans with you. my taxes for my house is due $1200 can I get a loan for that Mike Sowder 217-276-1000 / trader6000@gmail.com

Loan approval will still depend on the Lender’s assessment of your financial status and repayment capability. You may need to reach out directly to MoneyLion if you can still apply for another loan as their maximum loanable amount is $35,000.

We endeavor to ensure that the information on this site is current and accurate
but you should confirm any information with the product or service provider and
read the information they can provide. If you are unsure you should get independent
advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that
aims to provide you with the tools you need to make better decisions. While we
are independent, we may receive compensation from our partners for featured placement
of their products or services. We may also receive compensation if you click on
certain links posted on our site.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Advertiser Disclosure

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.